News & market updates

CarePolicy.US, a Sri Lankan‑founded home-health technology and consulting company, recorded over $500,000 in revenue in its first year. The firm offers an AI-integrated SaaS platform and consulting that streamlines state-specific licensing and operations for U.S. home-care providers.

Samsung Sri Lanka hosted B2B Summit 2025 with 180+ stakeholders, showcasing Knox enterprise security, rugged Galaxy XCover 7 and Tab Active 5 devices, and commercial HVAC and display solutions to drive digital transformation across healthcare, logistics, manufacturing, education and hospitality.

Fitch Ratings revised the U.S. Effective Tariff Rate (ETR) Monitor to 19.4% from 14.1%, citing higher reciprocal tariffs and a 50% copper duty coming into force on Aug. 1, 2025. Fitch says an additional 25% tariff on semiconductors and related goods could lift the ETR to about 23.7%.

The Export Development Board's Export Agriculture Division held a workshop in Kandy on developing ayurvedic and herbal cosmetic products for export, attended by about 100 stakeholders and covering manufacturing, packaging, regulatory compliance and digital marketing; two more programmes are planned in 2025.

A seminar on “Data Protection and Cybersecurity implementation” will be held on 7 August in Colombo to focus on operationalising the Personal Data Protection Act (PDPA) and strengthening cybersecurity across sectors. Speakers include representatives from HNB PLC, Dialog Axiata and PickMe.

Sri Lanka is negotiating a US offer to grant duty-free access on about 70–80% of a 1,161-item list (over 800 goods), including 42 agricultural items and possibly apparel, with details withheld during talks. The US has also proposed a 30% tariff on Sri Lankan exports from Aug 1 and Sri Lanka imposed an extra 10% export tax in April.

The EDB held an awareness workshop in Kandy on developing ayurvedic and herbal cosmetic products for export, attended by about 100 stakeholders and covering manufacturing, packaging, regulatory compliance, export market opportunities and digital marketing.

BOI and AHK Sri Lanka held a 14 July debrief after President Anura Kumara Disanayake’s June 2025 Germany visit; 15 German companies signalled interest across healthcare, finance, logistics, tourism, renewables, manufacturing and services. Investors urged policy consistency, macro stability, transparent procurement and easier business processes, and a steering committee was proposed.

EDB opened strategic talks with the NIRDC on 7 July to explore R&D support aimed at strengthening Sri Lanka’s pharmaceutical sector and boosting exports. Stakeholders urged government-backed R&D, development of local API manufacturing, and stronger industry–academia links to drive innovation and production upgrades.

EDB on 7 July 2025 opened talks with NIRDC to explore R&D support aimed at strengthening Sri Lanka's pharmaceutical sector and boosting exports. Participants called for government-backed R&D, local API development, stronger industry–academia links and centralized R&D coordination.

STEMedical and the Sri Lanka Institute of Biotechnology (SLIBTEC) signed an MoU to establish an internationally accredited laboratory with a $15 million investment. The lab will act as a central accreditation facility for testing in health, agriculture, cosmetics and export-import goods to support quality assurance and export growth.

Cabinet approved a $100 million ADB-funded result-based budget assistance programme to upgrade capacity and quality of secondary hospitals nationwide from 2025–2030, targeting infrastructure, service standards, pharmaceutical supply chains and procurement/financing transparency.

STEMedical and the Sri Lanka Institute of Biotechnology signed a $15m MoU to establish an internationally accredited laboratory to provide testing and quality assurance for health, agriculture, cosmetics, Ayurveda and export sectors.

SLPMA unveiled a 'National Call to Produce Medicine in Sri Lanka' and handed a national policy proposal to government officials urging coordinated policy, regulatory and investment support to scale local pharmaceutical manufacturing. The proposal targets producing 75% of domestic needs, building a USD 1bn export industry and creating over 10,000 jobs within 5–10 years via a multi-stakeholder, time-bound roadmap.

SLPMA unveiled the 'National Call to Produce Medicine in Sri Lanka' roadmap aiming to meet 75% of local pharmaceutical needs and build a $1 billion export industry. It targets 10,000 jobs over 5–10 years and calls for a multi-stakeholder taskforce, stronger regulation, R&D support and extension of the Guaranteed Buyback Agreement.

Sri Lanka Embassy and Karunakarala Ayurveda Resort held a 'Sri Lanka Ayurveda Evening' in Luxembourg on 2 July 2025 to promote Sri Lanka as a wellness tourism destination, attracting over 70 travel industry participants. Karunakarala Ayurveda Resort was the event's core sponsor.

President Trump has imposed a baseline 10% tariff on all U.S. imports plus higher duties on specific products (steel/aluminum 50%, autos 25%) and has threatened further product- and country-specific tariffs (e.g., pharmaceuticals up to 200%, semiconductors 25%, Sri Lanka 30%).

Colombo market hit a record ASPI of 18,541 (up 380 pts, 2.09%) as turnover reached Rs.10.22bn, led by banking stocks and John Keells. Foreign investors were net sellers (net outflow Rs.1.2bn) and the banking sector accounted for 27% of turnover.

President Anura Kumara Disanayake pledged full digital transformation within five years and declared September a nationwide digital-culture month. He also warned only Rs.23m (4%) of the Rs.574m Hambantota allocation has been spent, ordered urgent use of budgeted funds and said he will seek Rs.70m for a Hambantota hospital kidney unit.

President Trump has imposed a baseline 10% tariff on all US imports plus higher, product- and country-specific duties (e.g. steel/aluminum 50%, autos 25%); threatened measures include pharmaceuticals up to 200% and semiconductors 25%+, and a list of countries (Sri Lanka listed at 30%).

President Anura Kumara Dissanayake met Gates Foundation leaders to discuss collaboration on agricultural modernisation, nutrition and digital public infrastructure, including the Inclusive Digital Agriculture Transformation (IDAT) initiative to support smallholder farmers and rural tech integration.

Colombo market rebounded as the ASPI gained 129 points (0.7%) on fresh buying, with turnover of Rs.5.98bn. Banking and construction led gains — HNB, Central Finance, R I L Property and Melstacorp were among top contributors while foreign investors were net sellers of Rs.84.4m.

Vision Care partnered with the Western Province School Transport Association to run a mobile eye-health awareness campaign, mobilizing over 300 school vans branded with eye-care messages. The company also ran driver training encouraging biannual eye checks to improve early detection and road safety.

Ceylinco Life ran six free 'Waidya Hamuwa' health camps in H1 2025, reaching more than 1,200 people. Camps provided NCD-focused screenings (blood sugar, BP, ECG, cholesterol, CKD urine tests, BMI, vision), introduced haemoglobin testing, identified multiple undiagnosed conditions and distributed vegetable seed packets.

EDB and the Sri Lanka Pharmaceutical Manufacturers’ Association agreed to collaborate to boost pharmaceutical exports, noting last year’s exports were $8.07m and the sector has attracted over Rs.100 billion in investment with around 25 manufacturers. Stakeholders were urged to submit sector challenges to the Export Development Council for policy action.

EDB met the Sri Lanka Pharmaceutical Manufacturers' Association on 1 July 2025 to collaborate on boosting pharmaceutical exports and addressing industry bottlenecks; Sri Lanka's pharma exports were $8.07m in 2024 and the sector comprises about 25 local manufacturers.

Shantha Bandara, CEO of Sunshine Healthcare Lanka Ltd, was appointed President of the Sri Lanka Chamber of the Pharmaceutical Industry (SLCPI) at its 64th AGM on 27 June 2025. He outlined seven priorities including improved drug quality testing, NMRA online portal enhancement, a new SLCPI Code of Conduct and the launch of an Annual Pharmaceutical Forum.

Lanka Hospitals launched LankaLifeLine (a 24/7 integrated trauma response) and LankaCare (hospital-grade home-care with remote monitoring) on 2 July 2025; the launch included handing over the 1,000th LankaCare membership card.

Rienzie T. Wijetilleke, a veteran banker, has died aged 85; he served 24 years at Hatton National Bank (including as Managing Director and Non-Executive Chairman) and also held leadership/director roles at Sunshine Holdings, Nawaloka Hospitals and DFCC Bank.